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Taruga Minerals Ltd.
Summary
| Project: | Mwilu | |
|---|---|---|
| Deposit: | Mwilu | |
| Location: | Democratic Republic Of The Congo | |
| Commodities: | Cobalt-Copper | |
| Date: | 9/14/2018 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 14-9-2018: Taruga Minerals Ltd. announces an Exploration/Drilling Update report for its Mwilu deposit at the Mwilu project. Drilling results incl. 42.85m @ 0.39% Co from 256.55m. Taruga Minerals Limited (ASX: TAR, Taruga or the Company) has received resul | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Mark Gasson (Internal) | |
| ABSTRACT: | Taruga Minerals Limited (ASX: TAR, Taruga or the Company) has received results for the remaining 5 diamond holes drilled at Mwilu. All due diligence drilling has been completed (as announced 31 August 2018), and all results have been reported at both the Kamilombe and Mwilu Projects. On the successful conclusion of due diligence, which has been extended to 30 September, the Company will enter into a binding joint venture agreement with the Consortium of Mint-Master and the Government of Lualaba Province on the basis of the positive drill results at both Mwilu and Kamilombe. Taruga’s Executive Director, Mark Gasson, commented: “We are extremely pleased to have received part of the second tranche of the placement announced in June at the original price of $0.21 per share in the current market. “Excellent results from drilling at Mwilu and Kamilombe have also confirmed the high-grade cobalt potential for both projects. A decent copper intersection was also reported at depth at Mwilu. We now eagerly await to conclude the due diligence on both projects which will allow us to sign a joint venture agreement, which incorporates both Mwilu and Kamilombe. “Two styles of mineralisation occur at Mwilu, each with potential to host significant cobalt mineralisation. The northern flat lying zone is of lower grade, but mineralisation attains thicknesses of more than 30m, with a combined thickness of 90m in one hole, which makes it conducive to open pit mining. The southern zone is high grade and steeply dipping and is likely amendable to an underground operation. | |
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